An audit is a systematic examination of financial records, statements, and processes to ensure accuracy, compliance with regulations, and adherence to accounting standards.

Audits are necessary to provide assurance to stakeholders, such as shareholders, investors, lenders, and regulatory authorities, regarding the reliability and integrity of financial information.

Common types of audits include statutory audits, tax audits, internal audits, concurrent audits, forensic audits, and special purpose audits.

A statutory audit is conducted to ensure compliance with statutory requirements, such as Companies Act, Income Tax Act, and other applicable laws and regulations.

Internal audits are conducted by internal auditors who are employees of the organization, while external audits are conducted by independent auditors or audit firms hired by the organization. We provide the best audit firm in pune. 

The frequency of audits depends on various factors, including the size and nature of the business, regulatory requirements, and internal policies. Typically, audits are conducted annually, but some businesses may require more frequent audits.

The scope of an audit includes examining financial statements, internal controls, compliance with laws and regulations, assessing risk, and providing recommendations for improvement.

During an audit, auditors review financial records, perform tests and analysis, interview personnel, examine documents and transactions, and ultimately provide an opinion on the accuracy and reliability of the information.